KLCI pares loss as regional markets trend higher

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KUALA LUMPUR (April 23): The FBM KLCI pared some of its losses at mid-morning today in line with the positive uptrend at most regional markets.

At 10am, the FBM KLCI was down 1.58 points to 1,853.19. The index had earlier dipped to a low of 1,847.37.

The top losers included RHB Capital Bhd, Taliworks Corporation Bhd, UMW Oil & Corporation Bhd, Concrete Engineering Products Bhd, Icon Offshore Bhd, Malaysian Pacific Industries Bhd, Petronas Chemicals Group Bhd and Perusahaan Sadur Timah Malaysia Bhd.

Asian shares were flirting with fresh highs on Thursday, while a sharp rise in British and German bond yields rippled through sovereign debt markets globally, acording to Reuters.

An early hurdle looms in the shape of the preliminary HSBC China manufacturing PMI for April due at 0145 GMT. Forecasts are for it to hold steady at 49.6 but the recent run of softer numbers has markets braced for disappointment, it said.

JF Apex Securities Research said US markets climbed on quarterly results and favorable reports on housing index price, mortgage application and exisitng home sales.

Meanwhile, it said European stocks were flat after mixed results from corporate earnings.

“On the local market, the FBM KLCI dropped 8.03 points to 1854.77 points to buck regional trend as investors take profit from the index's recent rally.

“We expect the index to hover below the resistance of 1860 points. Investors will be looking at China's flash PMI for April to be announced later this morning,” it said.